On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time home buyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
This is great news but we need to remember that investors (those […]

Mortgage Chart

Mortgage Chart

Today’s reverse mortgage is used primarily for refinances. Soon it will be also known for purchasing a home. There are a tremendous amount of preconceived ideas on how this product works. If it is something you are even somewhat interested in, get in contact with you mortgage planner today. It may take several meetings with […]

As if there has not been enough changes happening in the real estate market place, we are heading in to unknown waters once again. As you may have heard over the weekend, the government has stepped in and taken over the mortgage giants Fannie Mae and Freddie Mac. You will hear people refer to them […]

I wanted to piggyback off from Jeff’s article yesterday. FICO scores are more important than ever with the ever changing product and rates of mortgages. Below is a sample of the guidelines from the insurance providers for mortgages that are greater than 80% loan to value.
MGIC*:
– […]

As I mentioned in a previous article (Banks Selling Fredericksburg Real Estate Do Not Act Logically) there are still issues to beware of when buying a bank owned foreclosure property.  I wanted to do a follow up on that particular situation.
We finally received the corrected title so we could close on Friday… interestingly enough on […]

Rates on conforming loan programs as of Friday June 13th

30 year fixed 5.875% no points/fees 20% down payment
15 year fixed 5.75% no points/fees 20% down payment
5 year ARM 5.0% one point 20% down payment
30 year fixed Jumbo 6.0% 1.75 points 20% down payment

VA/FHA rates are available as well.  Call or email today for more information.

If you have been looking at homes for sale in Fredericksburg, or reading this blog, you have to know by now that foreclosure homes dominate the market.  We have done our best to educate buyers about the risks associated with purchasing short sales and foreclosures.  That education is an ongoing process.  As new issues pop […]

Jeff and I have written several articles about how various FHA loan products be very useful in the current Fredericksburg real estate market.  With current home inventory, prices, and the great FHA loan products – now is the time to be buying your first home, or down sizing to meet the ever changing economy we live in!
The following […]